Owens-Illinois to amend credit agreement to allow for reorganization

By Sarah Lizee

Olympia, Wash., Dec. 4 – Owens-Illinois, Inc. intends to amend its bank credit agreement to facilitate the implementation of a corporate modernization expected to take place by the end of the year, according to a press release.

The corporate modernization would include the creation of a new holding company, O-I Glass, Inc., which would become the new parent company of Owens-Illinois, replacing it as the public company trading on the New York Stock Exchange, and the automatic conversion of each outstanding share of Owens-Illinois’ common stock into the right to receive a share of common stock of O-I Glass on a one-for-one basis.

Following the reorganization, the old parent company would distribute the capital stock of Owens-Illinois Group, Inc. to O-I Glass, as a result of which Owens-Illinois Group would be a direct wholly owned subsidiary of O-I Glass.

The company also launched a consent bid to amend seven series of its subsidiaries’ notes to facilitate the implementation of the corporate modernization.

Owens-Illinois is a Perrysburg, Ohio-based glass container manufacturer.

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